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The head of developer relations at Ripples Xpring says blockchain is poised to transform the world of finance amid rapidly changing economic conditions.

In a new blog post, Warren Paul Anderson says payments are the clear first use case for the emerging technology. He points to economic turmoil as a potential catalyst for the rise of crypto assets like Bitcoin, Ethereum and XRP.

We believe that blockchain technology is the deconstruction of finance, down to its core components, with payments being the first part through the implementation of crypto currencies such as BTC, ETH, and XRP.

As the world braces for change in global economic conditions, we believe that blockchain technology can serve as an integral tool for developers to put the pieces back together.

Early this month at London Blockchain Labs, Ripple co-hosted an event for around 100 developers called Deconstructing DeFi.

The gathering focused on specific aspects of decentralized finance (DeFi), a term representing broader efforts to recreate traditional financial instruments in a decentralized architecture that cant be controlled by middlemen.

Xpring has released a software development kit designed to make it easy to build on XRP and recently revealed plans to build a bridge between XRP and Ethereum that will make it easy to exchange one cryptocurrency for the other.

Through Xpring, Ripple has also allocated more than half a billion dollars to companies that support crypto and blockchain technology.

Featured Image: Shutterstock/Strahil Dimitrov

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Ripple Executive Says Bitcoin, Ethereum and XRP Represent First Wave in Deconstruction of Finance - The Daily Hodl